Ohio Doctor to Pay $250,000 Due To Ponzi Scheme

Posted on November 10th, 2015 at 4:26 PM
Ohio Doctor to Pay $250,000 Due To Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

In a recent SEC administrative proceeding, Scott Doak, of Xenia, Ohio agreed to settle charges that he had committed securities and advisor fraud.

Doak was an emergency room physician before becoming a wealth advisor. He now has been barred from the financial services industry and fined $250,000 for allegedly referring his clients into a Ponzi scheme.

Specifically, in 2007, Doak became a client of fraudster William Apostelos and invested in Midwest Green Resources, which was an investment and real estate management company owned by Apostelos himself.

Then, in 2013, Apostelos and Doak founded a company called OVO where Apostelos had a 40% stake in the firm and served as treasurer.

Once OVO began taking on clients, clients were told that their money would be invested in equities, commodities, small business loans, stocks, bonds and options and placed in brokerage accounts. Clients were told that the investments were legitimate and safe.

Apostelos and his other companies managed to collect more that $66 million from about 350 investors and used the funds to pay for personal expenses and payments to earlier investors in what can be described as a classic Ponzi scheme.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, Scott Doak, Xenia, SEC, Midwest Green Resources,

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

July 26, 2024
Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.

July 25, 2024
FINRA Plans Fee Increases Amid Rising Costs and Losses

The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.

July 24, 2024
Raymond James Settles with Oregon Over Excessive Commissions

Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.